Top 1% Club Gets Tougher to Crack as Wealth Inequality Grows
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To be in the top 1% of Americans by net worth now requires having $5.8 million in assets, up from $5.1 million last year.
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Globally, it's hardest to crack the 1% in Monaco ($12.9 million needed), followed by Luxembourg ($10.83 million) and Switzerland ($8.5 million).
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The number of ultra-high net worth individuals with over $30 million rebounded 4.2% last year after falling 10% in 2021.
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The coming "Great Wealth Transfer" of $90 trillion over 20 years in the U.S. will put affluent millennials in position as the "richest generation in history."
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Younger wealthy individuals are more likely to use their money as a "tool for change" by investing in line with their values, especially around climate change.